The Mansour Group of Marcus & Millichap Brokers Largest Net Lease Retail Sale of the Year to Date

Rhea-AI Summary

Marcus & Millichap (NYSE:MMI) announced the sale of a 56,000-square-foot Target store in Huntington Park, Los Angeles, for nearly $50 million, marking the largest net lease retail sale this year. The property sold for approximately $900 per square foot. Alvin Mansour, the executive managing director, noted that the transaction reflects a prime retail asset with a long-term lease in a densely populated area, which attracted multiple bidders despite economic challenges like rising interest rates.

Positive

• Sale of a 56,000-square-foot Target store for nearly $50 million, indicating strong demand.
• Largest net lease retail sale of the year, highlighting market activity.
• Transaction involved multiple bidders, showcasing competitive interest.

Negative

• None.

LOS ANGELES--(BUSINESS WIRE)-- Marcus & Millichap (NYSE:MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 56,000-square-foot Target store in the Huntington Park neighborhood of Los Angeles, California. The property traded for nearly $50 million at almost $900 per square foot, making it the largest net lease retail sale of the year to date.

“This transaction represents a generational opportunity to acquire a best-in-class retail asset with a long-term triple-net lease in a trophy, infill location within Los Angeles,” said Alvin Mansour, executive managing director investments, The Mansour Group of Marcus & Millichap. “Being the new presence in a world-class trade market is a win-win for Target and the buyer.” Mansour represented the seller, a private company. The buyer was a private investor from New York City utilizing a 1031 exchange.

The Target is located just seven miles from downtown Los Angeles. There are over 3.6 million people in within a 10-mile radius. “The opportunity to transact in one of the densest submarkets in the country helped generate a highly competitive sales process that included multiple bidders, private and institutional, despite rising interest rates and inflation,” added Mansour.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220902005307/en/

Gina Relva, VP of Public Relations

Gina.Relva@marcusmillichap.com

510-999-1284

Source: Marcus & Millichap, Inc.

FAQ

What was the recent transaction involving Marcus & Millichap (NYSE:MMI)?

Marcus & Millichap announced the sale of a 56,000-square-foot Target store in Huntington Park, Los Angeles, for nearly $50 million.

Why is the Target store sale significant for Marcus & Millichap (NYSE:MMI)?

This sale is the largest net lease retail transaction of the year, highlighting strong market interest despite rising interest rates.

Who represented the seller in the Target store sale by Marcus & Millichap (NYSE:MMI)?

Alvin Mansour, executive managing director investments from The Mansour Group of Marcus & Millichap, represented the seller.

What challenges did the Target store sale face according to Marcus & Millichap (NYSE:MMI)?

The sale occurred despite rising interest rates and inflation, indicating strong demand in a competitive market.